TradeBreakOut

The TradeBreakOut indicator reveals distance from the actual price (Close or Maximum/Minimum prices) up to the breakthrough of recently set support or resistance levels which were defined using local maximums and minimums.

Input Parameters:

L (default = 50) — indicator period. The higher the value is the less breakouts are signaled but the better their quality.

PriceType (default = 1) — the type of the price used in the calculation. Theoretically, the closing price is more suitable for daily/weekly periods. High/Low is more suitable for short-term periods. (0 — Close Price, 1 — High/Low).